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Unmarried couple borrowing mortgage deposit from parents
uniquesj
Posts: 1 Newbie
I have brought a property with my boyfriend and we are joint owners – we own half of the property each. My parents loaned me the 5% deposit, they are now asking for an agreement to be set up in the case that I split up with my boyfriend he would need to pay back the 5% deposit to them. Do you know if there is a dummy template/legal agreement document I can find on the internet?
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Comments
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This happens alot and it is worth the weight in money alone to use the solicitor. This should not cost more than £60. Basically, the solicitor will draft up the document for both of you to sign.Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
its a declaration of trust, ours cost 109 quid, they will formulate terms that you specify, ours was the house is owned 70/30 in my favour, you have to do the calcuations based on the mortgaged owed and stuff like that. theres a short version or a long version which wold take into consideration bills, contributions etc0
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dont worry about it, if your buying a house together it must be love! dont 2nd guessTarget Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
true true. I did the same. Sols did it but cant remember the cost.0
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